-Refer to the Graph Above to Answer This Question

question 114

Multiple Choice

-Refer to the graph above to answer this question.What is the result if the government establishes minimum wage of $7 in this market?

• A)Firms would employ 22,000 workers.
• B)There would be a shortage of 3,000 workers.
• C)1,000 of the employed workers would be prepared to work for $1 an hour less.
• D)There would be 3,000 unemployed workers.
• E)19,000 workers would be willing and able to work.

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Definitions:

Water Ski Boats

Boats specifically designed and equipped to create a wake suitable for water skiing and other water sports.

Demand for Water Skis

The desire and willingness of consumers to purchase water skis at various price levels, holding all other factors constant.

Gym Memberships

A subscription-based service that grants individuals access to a gym or fitness center's facilities and equipment for a period of time.

Workout Clothing

Apparel specifically designed for physical exercise, offering comfort, flexibility, and sweat-wicking properties to enhance athletic performance.